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Stockholders' Equity
 12 Months Ended
Dec. 31, 2022
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders’ Equity
(a) Earnings Per Common Share
The following table illustrates the weighted average shares used for earnings per common share computations for the periods indicated:
Year Ended December 31,
202220212020
(In thousands, except shares)
Net income:
Net income$81,875 $98,035 $46,570 
Dividends and undistributed earnings allocated to participating securities (1)
— — (7)
Net income allocated to common shareholders$81,875 $98,035 $46,563 
Basic:
Weighted average common shares outstanding35,103,465 35,677,851 36,018,627 
Restricted stock awards— — (4,182)
Total basic weighted average common shares outstanding35,103,465 35,677,851 36,014,445 
Diluted:
Basic weighted average common shares outstanding35,103,465 35,677,851 36,014,445 
Effect of potentially dilutive common shares (2)
360,431 295,535 155,621 
Total diluted weighted average common shares outstanding35,463,896 35,973,386 36,170,066 
Potentially dilutive shares that were excluded from the computation of diluted earnings per share because to do so would be anti-dilutive (3)
872 7,043 137,093 
(1) Represents dividends paid and undistributed earnings allocated to unvested restricted stock awards.
(2) Represents the effect of the assumed exercise of stock options and vesting of restricted stock awards and units.
(3) Anti-dilution occurs when the exercise price of a stock option or the unrecognized compensation cost per share of a restricted stock award or unit exceeds the market price of the Company’s stock.
(b) Dividends
The timing and amount of cash dividends paid on the Company's common stock depends on the Company’s earnings, capital requirements, financial condition and other relevant factors. Dividends on common stock from the Company depend substantially upon receipt of dividends from the Bank, which is the Company’s predominant source of income.
The following table summarizes the dividend activity during the most recent three year period:
DeclaredCash Dividend per ShareRecord DatePaid Date
January 22, 2020$0.20February 6, 2020February 20, 2020
April 29, 2020$0.20May 13, 2020May 27, 2020
July 22, 2020$0.20August 5, 2020August 19, 2020
October 21, 2020$0.20November 4, 2020November 18, 2020
January 27, 2021$0.20February 10, 2021February 24, 2021
April 21, 2021$0.20May 5, 2021May 19, 2021
July 21, 2021$0.20August 4, 2021August 18, 2021
October 20, 2021$0.21November 3, 2021November 17, 2021
January 26, 2022$0.21February 9, 2022February 23, 2022
April 20, 2022$0.21May 4, 2022May 18, 2022
July 20, 2022$0.21August 3, 2022August 17, 2022
October 19, 2022$0.21November 2, 2022November 16, 2022
The FDIC and the Washington State Department of Financial Institutions, Division of Banks have the authority under their supervisory powers to prohibit the payment of dividends by the Bank to the Company. Additionally, current guidance from the Federal Reserve provides, among other things, that dividends per share on the Company’s common stock generally should not exceed earnings per share, measured over the previous four fiscal quarters. Current regulations allow the Company and the Bank to pay dividends on their common stock if the Company’s or the Bank’s regulatory capital would not be reduced below the statutory capital requirements set by the Federal Reserve and the FDIC.
(c) Stock Repurchase Program
The Company has had various stock repurchase programs since March 1999. On October 23, 2014, the Company's Board of Directors authorized the repurchase of up to 5% of the Company's outstanding common shares, or approximately 1,512,600 shares, under the eleventh stock repurchase plan. On March 12, 2020, the Company's Board of Directors authorized the repurchase of up to 5% of the Company's outstanding common shares, or 1,799,054 shares, under the twelfth stock repurchase plan after all shares under the eleventh stock repurchase plan had been repurchased. The number, timing and price of shares repurchased under the twelfth stock repurchase plan will depend on business and market conditions and other factors, including opportunities to deploy the Company's capital.
The following table provides total repurchased shares and average share prices under the applicable plans for the periods indicated:
Year Ended December 31,
202220212020
Plan Total(1)
Eleventh Stock Repurchase Plan
Repurchased shares— — 639,922 1,512,600 
Stock repurchase average share price$— $— $23.95 $21.69 
Twelfth Stock Repurchase Plan
Repurchased shares100,090 904,972 155,778 1,160,840 
Stock repurchase average share price$25.07 $24.43 $20.34 $23.94 
(1)Represents shares repurchased and average price per share paid during the duration of each plan.
In addition to the stock repurchases under a stock repurchase plan, the Company repurchases shares to pay withholding taxes on the vesting of restricted stock awards and units. The following table provides total shares repurchased to pay withholding taxes during the periods indicated:
Year Ended December 31,
202220212020
Repurchased shares to pay withholding taxes26,944 26,869 28,887 
Stock repurchase to pay withholding taxes average share price$25.52 $29.10 $21.57 
(d) Issuance of Common Stock
Common stock was issued during the year ended December 31, 2020 related to the exercise of stock options as further described in Note (17) Stock-Based Compensation.